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Saudi Aramco signs landmark joint venture agreements with Nabors and Rowan

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Saudi Aramco signed two landmark agreements with Nabors Industries and Rowan Companies to create two new national champions focused on onshore and offshore drilling. The new joint ventures mark a major milestone towards the development of a competitive Saudi energy sector, as encapsulated in the company’s In-Kingdom Total Value Add (iktva) program and Saudi Vision 2030.

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Patterson-UTI Energy and Seventy Seven Energy announce agreement to merge

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Patterson-UTI Energy and Seventy Seven Energy jointly announced that the two companies have entered into a definitive merger agreement pursuant to which Patterson-UTI will acquire Seventy Seven Energy in an all-stock transaction. Patterson-UTI and Seventy Seven Energy are both leaders in building and operating high-spec rigs, and the transaction will further solidify Patterson-UTI as a leader in the US land drilling market with 201 high-spec rigs. Additionally, following the closing of the transaction, Patterson-UTI will have one of the largest and most modern pressure pumping fleets in the industry, with more than 1.5 million hydraulic fracturing horsepower both available and strategically-located in some of the most prolific oil and gas regions in the US. The transaction is subject to customary ...

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